The ways in which investors are employing managed accounts to build their exposure to alternatives are becoming multifarious. Many of the well-established public platforms are having to cater for a wide spectrum of needs, from straightforward commingled funds for first-time investors right through to sophisticated infrastructure solutions for the largest institutional investors.
»

On the surface, average hedge fund performance in 2014 has been underwhelming but when one has a clear window on performance, as Lyxor Asset Management does with its commingled managed account platform, the picture becomes more nuanced.
»

“We are different from our competitors in the managed account space by construction. When we launched our multi-asset platform the objective was more to serve clients than to distribute managers,” states Stephane Berthet (pictured), Executive Director at Morgan Stanley and head of its FundLogic Alternatives platform.
»

Despite the decision by CalPERS to divest their hedge fund investments, for the vast majority of institutions they remain a crucial part of their asset allocation. Some of the more sophisticated pension plans are building in-house capabilities to strengthen their expertise in manager selection.
»